BitMEX Joins Binance, Bybit in Removing Korean Language Ahead of Regulatory Deadline

South Korean regulators have asked exchanges to register by Friday.

Sep 23, 2021 at 8:19 a.m. UTC
Updated Sep 23, 2021 at 2:02 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

BitMEX joined the ranks of crypto exchanges removing Korean language materials from its site ahead of a regulatory deadline that will likely banish dozens of exchanges from South Korea.

  • “With the introduction of new local regulatory requirements in South Korea on 24 September 2021,” BitMEX will remove all Korean language from its site and trading platform, the exchange said in a Thursday blog post.
  • This is likely the clearest mention of the Sept. 24 deadline among three foreign exchanges that have made similar moves in the past two months.
  • Binance announced it was removing Korean won payment options and trading pairs, as well as Korean language in August, while Bybit said last week it was stopping Korean language support.
  • In April, South Korea’s Financial Services Commission said all crypto exchanges have to register with its anti-money laundering arm by Sept. 24 or stop operating in the country. Registration requires them to fulfill certain cybersecurity criteria, as well as set up partnerships with banks for real-name registration.
  • Only four have succesfully registered: Upbit, Bithumb, Coinone, and Korbit.
  • Close to 60 exchanges will have to at least partially suspend service on Friday, while 40 will have to stop operating completely, Reuters reported earlier this week.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
CoinDesk - Unknown
Goldman Sees Little US Economic Impact From Lower Cryptocurrency Prices

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

CoinDesk - Unknown
2
CoinDesk - Unknown
UK Regulator to Consider Terra Coins Collapse in New Crypto Rules: Report

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

CoinDesk - Unknown
3
CoinDesk - Unknown
Bitcoin Options Data Suggests Bearish Sentiment Among Investors

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

CoinDesk - Unknown
4
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown